As Prepared for Delivery on June 22, 2023
I appreciate today’s Board briefing regarding how the NCUA is streamlining the chartering process to encourage new credit union charters. In fact, we have brought several new institutions into the system over the last couple of years. The entire NCUA board has shown tremendous leadership here, and it’s been a pleasure to work with them to get that done. It is also critical we recognize the staff, like Martha Ninichuk, who did significant work to make this happen.
Moving from one new charter a year to four is not earth-shattering but is a significant step in the right direction. And the new CURE management system for chartering should make an impact here as well and, perhaps most significantly, so, too, should the provisional charter concept, which we plan to launch by quarter four of this year.
Credit unions give people a hand, especially people of modest means, creating opportunities to build wealth for working families and marginalized communities and nurturing a strong sense of local control and ownership. We aren’t saying chartering a credit union should be easy, but it shouldn’t feel impossible for many organizing groups. I am delighted that we are making progress to significantly streamline the chartering process.
I do have a few questions:
- What is the biggest challenge for getting a credit union charter?
- Has any credit union organizer utilized the new subordinated debt rules in obtaining a new charter?
Thank you. I have no further questions.